So your doing the work and he's getting paid.Throw the offer out there worst case he declines at least your underwriting was based on sound principles.

I get a kick out of some of these guys mailing their clients a thesaurus trying to overcome every objection in the universe.

I am not 100% certain but I do not believe there are tax implications on this other than less interest paid (lower loan principle with the larger down payment) and you may need to pay taxes on the interest you pay yourself (again, not 100% certain because my retirement manager Fidelity can't offer tax advise).

The financials are certainly an important piece, but if you are borrowing from somebody, they want to know that your business can afford to service the loan but also that the principle will be recoverable.  

One key principle is to buy on the edge of a bad neighborhood that has good things pending.

Here is the gist of it, at the purchase price of 90,000$ with a 10% down payment and and estimated 1000$ in repairs I came up with 1501.41$ in total monthly costs including principle and interest, and a total gross rents of 1600$/month.

You can get them at a large discount, and still get interest and principle, protection if default, all of it!

I would love to get a "mastermind" group together to discuss the book and encourage each other to apply the principles it talks about.

Depending on the size/temperament of your group you could also consider doing some roleplay on negotiations and objections. 

Answers are very different depending on objectives.